Challenger Acquisitions Limited Board of Director Change (4921T)
06 January 2017 - 6:00PM
UK Regulatory
TIDMCHAL
RNS Number : 4921T
Challenger Acquisitions Limited
06 January 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For Immediate Release
6 January2017
Challenger Acquisitions Limited
("Challenger" or the "Company")
Board of Director Change
Challenger Acquisitions Limited (LSE: CHAL), a leader in the
Giant Observation Wheel industry, announces that Mr John Le
Poidevin has retired from the Board as Non-Executive Chairman, with
effect from 5 January 2017. In January 2016 the Company expanded
the Board of Directors and Mr Le Poidevin joined as Non-Executive
Chairman to help position the Company for growth following the
commencement of contracts for Giant Observation Wheels. The
on-going delays in starting these contracts are the key reason for
his retirement from the Board. On an interim basis the Chief
Executive Officer will assume the role of Chairman.
Mark Gustafson, the Company's Chief Executive Officer, said "We
greatly appreciate the support John has shown the Company and on
behalf of the Board I would like to thank him for his contributions
and wish him well in his future endeavours. Looking ahead for
Challenger, the New York Wheel Project, in which we hold a US$3
million equity stake, continues to make excellent progress towards
its grand opening in 2018, with construction of the 630ft
observation wheel now well underway. Development of the Jakarta
Wheel remains on-hold until the developer secures the necessary
bank financing, which I appreciate is extremely frustrating, but I
would like to assure our shareholders that we are doing everything
we can to push development forward whilst also assessing
alternative potential development options. We look forward to
updating the market on our progress in due course."
This announcement contains inside information.
**ENDS**
For more information visit www.challengeracquisitions.com or
enquire to:
Challenger Acquisitions Limited
Mark Gustafson +1 604 454 8677
St Brides Partners Ltd (PR)
Lottie Brocklehurst, Charlotte +44 (0) 20 7236
Page 1177
finnCap (Financial Adviser
and Broker)
Adrian Hargrave, James Thompson, +44 (0) 20 7220
Kate Bannatyne 0500
Notes to Editors:
Challenger (LSE: CHAL) is focused on the design, engineering,
project management and investment in select giant observation
wheels. By combining its world-class team of technical engineering
and project management skills with proven international financial
expertise, the Company is ideally positioned to become a leader in
the giant observation wheel sector.
The Company, which also has a US$3 million equity interest in
the US$590 million New York Wheel Project, is currently focusing on
appraising approximately 25 opportunities in its project pipeline
where it believes that it can utilise its expertise. The current
team has worked on four of the largest giant observation wheels
constructed over the last 16 years, including the iconic London
Eye.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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